What Does Disaster Mean for SMEs
What a disaster means for different people and different companies varies. It could be a disaster to have 2 people off sick at the same time, so hiring couples might be against your recruitment policy, to minimise sickness. This seems like a small thing, but having too many people off sick at the same time could damage some businesses, especially the smaller ones.
If your business is hit by a cyber attack, or a fire, or your internet goes down for a day, that could be detrimental to business. Even big businesses like Google and Twitter minimise their downtime and being off-line is a disaster.
Small and medium-sized businesses (SMEs) are a vital component of the global economy, engaging millions of individuals and largely contributing to economic development. Yet, SMEs are typically more at risk than giant corporations because they may lack the resources and resilience to recover swiftly after a disaster. In this article, let’s have a quick overview of what disaster means for SMEs.
Fires, cyber attacks, pandemics, and natural disasters such as earthquakes, floods, and storms are all types of disasters. No matter the cause, disasters may have a devastating effect on SMEs, frequently resulting in losses of both monetary and commercial value or even in the company’s closure. Loss of business continuity is a major obstacle for SMEs after a disaster. Disasters may interrupt supply chains, destroy infrastructure, and prevent personnel from reporting to work. This may make it difficult for SMEs to meet client demands, cover expenses, funding for expansion and keep the lights on.
While disaster means starting from square one for SMEs, there are also ways for how businesses can mitigate the risks of disaster crises. Such as utilising a cloud-based communication platform which is a tool that may be used by SMEs to lessen the effects of catastrophes.
How? Businesses can consolidate their various means of communication into a unified system with the help of ConXhub. In the event of a natural catastrophe, this may be very helpful since it allows companies to be in touch with their staff, clients, and business associates even if their buildings are damaged beyond use.
Remember, before, during, and after a disaster occurs, a good communication system is a solid tool businesses can employ to ensure everyone is in the loop of what needs to be done. Thus, by being connected with your team, you can have a better chance of continuing operations with few interruptions and recovering quickly.
